Operating expenses were 12.3% lower on the year to RON75.5 million, as per data from the company’s quarterly financial report sent to the Bucharest Stock Exchange.
The volume of brokered premiums grew by 14.3% on the year in Jan-Sept 2023, although 2022 was “exceptionally advantageous for the insurance distribution sector, given the redistribution of insurance policies following the bankruptcy of City Insurance which had generated on Sept 30, 2022 a 50% increase in the volume of brokeraged premiums compared to the first three quarters of 2022”.
On the one hand, the comparison period was atypical and a bit relevant against the backdrop of redistributing the City Insurance policies. On the other hand, the reporting period was and remains unfavorable to the insurance brokerage market due to capping distribution fees. Revenues from the distribution activity, in the amount of RON82.6 million, are 13% below the level reported for the first three quarters of 2022.
Transilvania Broker de Asigurare has a market value of RON100 million and is 36.1%-owned by Gabriel Login and 20.7% by Dan Niculae. TBK shares have traded 13.9% higher so far in 2023, amid deals worth RON20 million, as per stock market data.